Collaboration software company Atlassian could now raise up to $440 million in its initial public offering, scheduled for this week, according to an updated securities filing on Monday.
Atlassian expects to offer 22 million shares at $19-$20 per share, rather than the $16.50-$18.50 range cited in a Nov. 27 filing, according to its latest paperwork for the Securities and Exchange Commission.
This is actually the second price boost since the company originally filed its prospectus with the SEC in early November after confidentially declaring its intention to go public in September. It originally expected to raise $250 million.
One thing that makes its IPO case so sexy: Atlassian is unusual among cloud software companies for being profitable. That’s because it typically spends less on sales and marketing than its peer group, relying heavily on word of mouth to enter corporate accounts and win deals.
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In fact, Atlassian’s largest operational expense is for research and development. It dedicated 36% of its revenue—or about $250 million—to R&D over its last three fiscal years, according to its IPO documents.
As of Sept. 30, more than half of Atlassian’s approximately 1,395 employees were involved with product design, development, and testing, according to its prospectus. “As a company we prioritize research and development above all other operating investments,” the company notes.
For perspective, cloud software giant Salesforce (CRM) spent about 14% of its revenue on research and development activities over the first nine months of its current fiscal year. Collaboration software company Box (BOX) , which went public early this year, dedicated approximately 34.5% of its revenue to R&D over the past nine months.
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